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Rich New Yorkers making plans to escape social welfare tax burden – now that they have to pay it themselves

Wealthy New Yorkers can currently lower their federal taxable income by more than $100,000 through a provision of the tax code known as the State and Local Tax Deduction, or SALT. The average SALT deduction in the Manhattan area is at least $60,000.

The Republican bill will cap the deduction amount at $10,000, meaning wealthy New Yorkers who currently write off expensive real estate could face an extra six figures in taxable income.

President Donald Trump is expected to sign the bill into law by Christmas, which is why many hedge fund and private equity managers are seriously considering getting out of New York. More.

Reality check: In short, they were big supporters of every type of largesse the government could think up as long as someone else was paying. It’ll be a test of Trump’s presidency whether he does sign the bill for the cold shower these people need.

One could, of course, refer the Chardonnay socialists to the many Bible verses on the virtue of giving till it hurts of one’s own wealth. But somehow, we fear they will have a secularist meltdown at that point and renew their attacks on traditional religion instead.